BT India@100: Why the next two decades are crucial for the country

India's aspiration to achieve developed nation status by 2047 hinges on its ability to sustain a robust growth trajectory over the next two decades. NK Singh, Chairperson of the 15th Finance Commission, had emphasized this critical need during his acceptance speech at the London School of Economics and Political Science (LSE), where he was conferred an Honorary Fellowship earlier this year. 

Singh, a key architect of India’s economic policies, underlined that the country’s growth journey not only reflects its economic ambitions but also showcases how democracy and development can coexist harmoniously.

In his speech, titled “The India Era,” Singh highlighted the deep commitment of Prime Minister Modi and his Council of Ministers to steering India toward developed nation status by 2047. He stressed that maintaining this growth trajectory is crucial, noting that India’s rich history of ideas and its current drive for progress are intertwined. Singh’s reflections on the nation’s ambitions are grounded in his extensive experience in public service and policy-making, where he has been a pivotal figure in shaping India’s economic landscape.

Singh’s role extends beyond domestic policy. As the Co-Convenor of the High-Level Expert Group for the Reform of Multilateral Development Banks (MDBs), formed by the G20, and as President of the Institute of Economic Growth in New Delhi, he has been instrumental in advocating for reforms that align with global economic shifts. His insights are particularly relevant as India navigates the complexities of sustaining growth in an increasingly interconnected world.

The significance of Singh’s contributions to India’s fiscal policy and economic reforms cannot be overstated. From his involvement in the landmark economic reforms of 1991 to his leadership roles in the Ministry of Finance under Prime Minister Atal Bihari Vajpayee, Singh has consistently demonstrated a commitment to fiscal prudence, transparency, and cooperative federalism. His work on the Fiscal Responsibility and Budget Management Review Committee and his tenure as Chair of the 15th Finance Commission have solidified his legacy as a champion of sound fiscal policy.

Singh’s recognition by LSE places him alongside notable Indian figures such as Dr. BR Ambedkar, Ratan Tata, and Amartya Sen, underscoring the profound impact of his work. The award, presented by LSE President and Vice-Chancellor Larry Kramer, marks a significant milestone in Singh’s distinguished career, which has been characterized by a relentless pursuit of economic stability and growth for India.

Looking ahead, Singh will be one of the key speakers at the "Adani BT India@100" forum on August 20 at the Leaders Lounge, Bharat Mandapam in New Delhi. There, he will delve deeper into the strategies required to maintain India’s growth momentum and address the challenges that lie ahead. His extensive experience in both domestic and international economic policy makes him a vital voice in the conversation about India’s future as it aims to emerge as a global economic leader by 2047.

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